When we look at the current ratio, we can see that the company should not experience
difficult paying current liabilities as they become due. However, th
2. The internal control testing phase, and the account balance testing phase.
a. Materiality: the measure of whether something is significant enough to change an investor's investment
b. Control risk: The risk that a material error in the bal
Study Guide Exit Exam 16 : Hodges University - SUM(16) - ACG 3121
Hodges University - SUM(16) - ACG 3121 : CPA FAR Gleim Online
Study Guide FAR EXit Exam SU 16
[ 1 ] Which of the following is true rega
1. Succinct definition of money laundering
Money laundering is a process que you transform bad money (related with crimes) into
good money (that you can use freely in the market).
2. What is the primary purpose of someone engaging in money lau
If a product required a great deal of electricity to produce, and crude oil prices increased, which of the
following costs most likely increased?
A. Direct materials.
B. Direct labor.
C. Prime costs.
D. Conversion costs.
1. A process is a series of activities or operations, which are linked to perform a specific objective.
2. The cost flows for a process-costing system are totally different from those of a job order costing
1. Compute conversion costs given the following data: Direct Materials, $347,500; Direct Labor,
$196,300; Factory Overhead, $187,900; and Selling Expenses, $45,290.
2. The cost of a manufactu
Product and service costing
1. A production process may yield a tangible product or a service and their unique characteristics determine
the best approach for developing a cost management system.
2. Manufacturing firms produc
1. Which is TRUE about services?
a. Some services may require that a sequence of uniform processes be performed.
b. Services can never be homogeneous and repetitively produced.
c. Services cannot have work-in-process inventories.
d. All services require j
What fieldwork stages gather audit evidence?
There are two stages:
1. Internal control testing phase
2. Account balance testing phase
Define these terms:
It is the measure of whether something is significant enough
Using a spreadsheet I would also assign a Prospect ID number to each volunteer as the first column
followed by additional columns for Name, Phone#(s), E-mail(s), Contact Date & Time, Donation Amount,
Employee, Phone# & E-mail, Notes. You can then build wh
Net Income of any company is used to reward shareholder's in the form of cash or stock as a dividend. Home Depot
38% - 47% of income as a cash dividend which indicates that they are using the remainder of their net income to in
projects which coul
3.8) Amazons competitive strategy is that they differentiate themselves by proving a huge array of goods
and services that are priced competitively. For customers they provide a complete one stop shopping site
where you can buy everything from socks to fo
The par value of Home Depot's common stock is $0.05 per share. The common stock originally sold about par va
the paid-in-capital in excess of par value is extremely large.
There are 10 billion authorized shares of common stock per the Balance Sh
Income Before Extraordinary Item
Loss From Tornado Damage
(net of $40,000 income tax benefit)
Income From Continuing Operations
easy to form, no double taxation
personal liability of owner for debts to business, business ends with death of owner
No personal liability of owners for debts to the business, readily transfera
Dr. Interest Expense
Dr. Note Payable
Monthly interest payments will de
Cornerstone Exercise 4.1 (Algorithmic)
Applied Overhead and Unit Overhead Cost: Plantwide Rates
Seco, Inc., produces two types of clothes dryers: deluxe and regular. Seco uses a plantwide rate based
on direct labor hours to assign its overhead costs. The